Latin America, which has undergone a political and economic paradigm shift in the past three decades, offers opportunities for Indian business and the government, R. Vishwanathan, former Ambassador, has said.
He was delivering a public lecture on the ‘Political and Economic Trends of Latin America and The Future of Indo-Latin American Relations,’ at the Department of Political Science of the University of Kerala, Karyavattom campus on Wednesday.
“The trade which was $42 billion in 2013 could reach $100 billion by 2020. The growing middle class offers more opportunities for India’s exports. Latin America has emerged as a source of crude oil accounting for over 10 per cent of India's imports. Given the large reserves in the region and the keenness of the governments on India as a long-term market, India can count on Latin America as a contributor to energy security,” he said.
Surplus land
He said that, with its large surplus arable land, abundant water reserves and modern and efficient large-scale farming South America is emerging as an agricultural powerhouse. This is in contrast to India which faces growing population, reduction in farmland and water scarcity. South America can complement India with supply of edible oil, pulses and other agriproducts in the long-term. Latin America which is rich in mineral resources can supply copper, gold, and coal to fuel India's high economic growth, he said.
Foreign policy
“The Latin American governments have become more assertive in foreign policy and believe in a multipolar world. Their worldview and interests coincide with India's agenda in many areas. India has worked with many Latin American countries in G-20 and other multilateral and global forums for common goals. India has established strategic partnership with Brazil and the two have many common aspirations including permanent membership of UNSC,” he said.
“There is also a fundamental change in the mindset and culture of Latin Americans. The middle class has become assertive forcing the governments to become more accountable. The Latin Americans look at India as an emerging global power, large and growing market, an IT powerhouse, an important investor and a country with a peaceful tradition of yoga, meditation and wisdom,” he said.
